Economic Methodology Flashcards
1
Q
What is the definition of economic agents?
A
people, firms, governments – i.e. anyone who has an effect on the economy
2
Q
What type of science is economics?
A
A social science
3
Q
What does ceteris parabus mean?
A
All other things remaining the same
4
Q
What is ceteris parabus used for in economics?
A
to isolate factors and determine their impact if they changed to give us an idea on the decisions that we should make
5
Q
What is a value judgement?
A
An opinion made on a topic
6
Q
What is a normative statement?
A
a statement made about something that contains a value judgement
7
Q
What are positive statements?
A
are statements which can be supported of refuted by evidence